Applied Materials Inc., the largest US maker of chipmaking machinery, gave a bullish forecast for the current quarter, indicating that an industry slump may be fading.
Fiscal fourth-quarter sales will be about $6.51 billion, the company said in a statement Thursday. That compares with an average analyst estimate of $5.88 billion. Excluding some items, profit will be $1.82 to $2.18 a share in the period, which ends in October, versus a projection of $1.61 a share.
After three years of strong ordering, Applied’s chipmaker customers are now slowing down their expansion plans as they cope with a glut in the market for electronic components. But Applied Materials and its peers expect the industry to shrug off short-term problems and accelerate to $1 trillion in total revenue by the end of the decade.
Applied Materials shares gained about 3% in late trading after the results were released. They earlier closed at $137.59 in New York, leaving them up 41% this year.
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